Have you ever wondered what the Return on investment was for the renovation you are considering?
As a guy, husband and father, I spend a lot of time considering the cost of things, and if the expense is “worth it.” Don’t get me wrong I know that updating my kitchen or bathroom is going to have a reward beyond just the monetary, its going to had comfort to my life and that can’t always be measured in dollars and cents. But When considering spending thousands of dollars, the dollars and cents start to matter a lot more.
This is why we have compiled a list of common renovations and their ROI
HVAC (electrification)
- Average cost: $17,747
- Average ROI 103%
House siding with stone veneer replacement
- Average cost: $10,925
- Average recouped costs (potential ROI):102%
Entry door replacement (steel door)
- Average cost: $2,214
- Average ROI 101%
Vinyl siding replacement
- Average cost: $16,348
- Average ROI 95%
Fiber-cement siding replacement
- Average cost: $19,361
- Average ROI 89%
Midrange basic kitchen remodel
- Average cost: $26,790
- Average ROI 86%
Vinyl window replacement
- Average cost: $20,091
- Average ROI 69%
Midrange bath remodel
- Average cost: $24,606
- Average ROI 76%
Wood window replacement
- Average cost: $24,376
- Average ROI 61%
New Flooring
- Average Cost Sq Ft dependant
- Average ROI 100%-150%
Finished Basement
- Average Cost Sq Ft dependant
- Average ROI 75%
Making a decision on which Renovation to complete first.
Some of these renovations are a great investment prior to selling, and while they make your home look better may not offer substantial comfort gains. Some of these renovations while a slightly lower ROI have a higher comfort and living experience return.
It is important to consider your future plans, and desires for your home. We always encourage our clients to make decisions based on goals and values. Maybe having more family time is more important than a small jump in energy savings. Maybe a pristine home is higher on the priority list than a TV room in the basement. Taking time to consider this is an important part of the process.
We also always suggest talking with a professional prior to doing a renovation. I can’t tell you how many times I have been asked to do a walkthrough with a client, to find they did a project recently that is now going to be affected significantly because the previous contractor didn’t take the time to ask the clients what their future goals for the space were.
We hope this helps you in your decision making process.
